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WiseGuyRerports.com Presents “Global Tire Yarn Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024” New Document to its Studies Database
The global tire yarn market is expected to be valued at $3,989.6 million by 2024. The market hike can be attributed to the growing demand for organic automotive, aircraft, and specialty vehicles and the increasing number of the vehicle fleet. Further, the demand for tires with larger rim size, high-tech yarns for weight reduction, and one-ply construction propel the market demand.
Rolling resistance tire is gaining popularity due to the lower carbon footprint on the environment by reducing carbon emissions in vehicles. This has increased the demand for low rolling resistance tires among automakers and other tire manufacturers. Specialty vehicles like farming and mining vehicles are bigger and hence need more tire yarns compared to cars and motorbikes. This also contributes to the demand for tire yarn.
Raw material suppliers, yarn manufacturers, tire cord fabric manufacturers, tire manufacturers, and dealers make the supply chain in the tire yarn market.
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The tire yarn market can be segmented by yarn type, application, and end-user.
Polyamide and polyester are the two broad tire yarn types. Of these, polyamide contains the PA6 and PA66 yarn and is considered the most useful type of tire yarn. They are used in major tire applications like cap ply, cord ply, and bead reinforcement. This demand is a result of optimum reinforcing material used in polyimides, its toughness, and fatigue and water-resistant properties. Polyester yarn is seeing growing demand, and this upward trend is expected to continue in the forecast period.
By application, cord ply has the most contribution in the global market and is also predicted to grow in the coming years. Cord ply is among the primary of application areas for automotive, specialty vehicles, aircraft, motorcycle, and bicycle.
The major users of tire yarn include automotives. Growing demand for vehicles coupled with the advanced quality and geometry of tire yarns drive market Increase.
Geographically, North America and Europe have the most demand for tire yarns, mainly due to the demand for cars as a primary mode of transport in these regions.
Asia-Pacific is an emerging market in the consumption of tire yarns, both in value and volume. Owing to the availability of funds and higher disposable income, these regions have witnessed huge demand for motorbikes and cars, thus contributing to the global tire yarn market. Also, the developing infrastructure in these regions raises the demand for construction trucks, further increasing the demand in the overall market share.
Advertising, mergers and acquisitions, and collaboration with industry leaders are the few strategies applied by tire yarn manufacturers to get ahead of the competition.
In 2018, Hyosung Corporation invested $152 million in a manufacturing unit of polyester tire yarn in Vietnam. Similarly, in 2018, Kordsa Teknik Tekstil AS set up a new production plant of polyester yarn with a capacity of 7,000 tons in Turkey. This helped the companies gain a string foothold in the regions.
Complete Report Details @ https://www.wiseguyreports.com/reports/4417310-global-tire-yarn-market-2019-by-manufacturers-regions
Table Of Content:
1 Study Coverage
2 Executive Summary
3 Breakdown Data by Manufacturers
4 Breakdown Data by Product
5 Breakdown Data by End User
6 North America
8 Asia Pacific
9 Central & South America
10 Middle East and Africa
11 Company Profiles
12 Future Forecast
13 Market Opportunities, Challenges, Risks and Influences Factors Analysis
14 Value Chain and Sales Channels Analysis